Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - The refinery utilization rate in the US accelerated its recovery. Although the refinery utilization rate continued to rise from the bottom to 92.3%, the processing volume increased by 211,000 barrels per day, and the crude oil production decreased by 20,000 barrels per day to 1,381.4 million barrels per day, the net import of crude oil increased by 1.046 million barrels per day, leading to an accumulation of commercial crude oil inventories by 2.774 million barrels in the week ending November 21. After the refinery utilization rate rebounded, both gasoline and diesel inventories accumulated, the apparent demand for gasoline rebounded, and the apparent demand for diesel declined. The total inventory of crude oil and petroleum products increased slightly, but the single - week data has limited indication [4]. 3. Summary by Related Catalog US Crude Oil and Petroleum Product Inventory Data - **Commercial Crude Oil Inventory**: Increased by 2.774 million barrels, compared with a decrease of 3.426 million barrels in the previous period [4][6]. - **Cushing Crude Oil Inventory**: Decreased by 68,000 barrels, compared with a decrease of 698,000 barrels in the previous period [6]. - **Strategic Petroleum Inventory**: Increased by 498,000 barrels, compared with an increase of 533,000 barrels in the previous period [6]. - **Gasoline Inventory**: Increased by 2.513 million barrels, compared with an increase of 2.327 million barrels in the previous period [6]. - **Diesel Inventory**: Increased by 1.147 million barrels, compared with an increase of 171,000 barrels in the previous period [6]. - **Jet Fuel Inventory**: Increased by 370,000 barrels, compared with an increase of 146,000 barrels in the previous period [6]. - **Fuel Oil Inventory**: Decreased by 531,000 barrels, compared with an increase of 287,000 barrels in the previous period [6]. - **Total Inventory of Crude Oil and Petroleum Products (excluding SPR)**: Increased by 1.562 million barrels, compared with a decrease of 2.715 million barrels in the previous period [6]. US Crude Oil Production, Demand and Trade Data - **Crude Oil Production**: Decreased by 20,000 barrels per day to 1,381.4 million barrels per day [4][6]. - **Refinery Crude Oil Processing Volume**: Increased by 211,000 barrels per day to 16.443 million barrels per day [4][6]. - **Apparent Demand for Refined Oil Products**: Increased to 20.24 million barrels per day from 20.157 million barrels per day in the previous period [6]. - **Apparent Demand for Gasoline**: Increased to 8.726 million barrels per day from 8.528 million barrels per day in the previous period [6]. - **Apparent Demand for Diesel**: Decreased to 3.362 million barrels per day from 3.882 million barrels per day in the previous period [6]. - **Crude Oil Import**: Increased to 6.436 million barrels per day from 5.95 million barrels per day in the previous period [6]. - **Crude Oil Export**: Decreased to 3.598 million barrels per day from 4.158 million barrels per day in the previous period [6]. - **Refinery Utilization Rate**: Increased to 92.3% from 90% in the previous period [4][6]

1. Report Industry Investment Rating - No investment rating information is provided in the report [1] 2. Core View of the Report - The report anticipates that the futures price of asphalt will experience a weak and volatile trend. This is due to factors such as the expected increase in asphalt production, the weakening of subsequent demand, and the current neutral level of the asphalt basis in the Shandong region, which has led to a cautious market sentiment [1] 3. Summary by Relevant Catalogs 3.1 Market Analysis - Supply: Last week, the asphalt production rate decreased by 4.2 percentage points to 24.8% week-on-week, 7.0 percentage points lower than the same period last year, reaching the lowest level in recent years. In November, the domestic asphalt production is expected to be 222.8 million tons, a decrease of 45.4 million tons month-on-month (a decline of 16.9%) and 27.4 million tons year-on-year (a decline of 11.0%). Refineries such as Zhonghua Quanzhou and Yunnan Petrochemical have stopped asphalt production. This week, refineries like Shandong Shengxing will stably produce asphalt, and the asphalt production rate is expected to rise [1][4] - Demand: Last week, the operating rates of various downstream asphalt industries showed mixed trends, with the road asphalt operating rate remaining flat at 34% week-on-week, constrained by funds and weather. After the temperature drops in the north, road construction will gradually end, and subsequent demand will further weaken. The increase in southern projects is limited, and overall demand is tepid [1] - Inventory: The inventory-to-sales ratio of asphalt refineries remained flat week-on-week and is near the lowest level in recent years. The national asphalt shipment volume increased by 15.28% week-on-week to 246,000 tons, at a slightly below-average level [1] - Price: The price of crude oil has declined. The discount of diluted asphalt has widened under the US military threat to Venezuela. The basis of asphalt in the Shandong region is at a neutral level, and the market is cautious [1] 3.2 Futures and Spot Market Conditions - Futures: Today, the asphalt futures contract 2601 fell 0.56% to 3,043 yuan/ton, near the 5-day moving average. The lowest price was 3,024 yuan/ton, and the highest was 3,068 yuan/ton. The open interest decreased by 1,513 to 152,279 lots [2] - Basis: The mainstream market price in the Shandong region dropped to 3,010 yuan/ton, and the basis of the asphalt 01 contract rose to -33 yuan/ton, at a neutral level [3] 3.3 Fundamental Tracking - Investment: From January to September, the national highway construction investment decreased by 6.0% year-on-year. From January to October, the cumulative actual completed fixed asset investment in the road transportation industry decreased by 4.3% year-on-year, and the cumulative completed fixed asset investment in infrastructure construction (excluding electricity) decreased by 0.1% year-on-year [4] - Social Financing: From January to October, the year-on-year growth rate of social financing stock was 8.5%, 0.2 percentage points lower than that from January to September. The new social financing in October was lower than market expectations [4]

Report Summary 1) Report Industry Investment Rating - High-sulfur fuel oil: Short-term neutral, medium-term bearish [3] - Low-sulfur fuel oil: Short-term neutral, medium-term bearish [3] - Cross-variety: None [3] - Cross-period: None [3] - Spot-futures: None [3] - Options: None [3] 2) Core View of the Report - Crude oil prices continue to show a weak and volatile trend. The mid-term expectation of oversupply in the oil market is gradually materializing. If the Russia-Ukraine situation eases, the geopolitical premium may further subside, and lower oil prices will put some pressure on the unilateral price of fuel oil [2] - In terms of the fundamentals of fuel oil itself, the overall market contradictions are limited. The market structure of low-sulfur fuel oil weakened again after a slight repair, with declining crack spreads and monthly spreads. The market supply remains relatively abundant. The supply from the Dangote refinery has not completely stopped, some units of the Azur refinery that were under maintenance due to faults are expected to restart around November 29, and the shipment of Sudanese low-sulfur crude oil is also recovering. However, due to the relatively low valuation of low-sulfur oil compared to gasoline and diesel, the refinery's production willingness is limited, and there is still support at the lower end of the market [2] - For high-sulfur fuel oil, the crack spread has recently weakened in a volatile manner, and the lower support for valuation mainly comes from the flexible demand at the refinery end. In addition, the development of the Russia-Ukraine situation will also affect Russia's fuel oil production and trade flow [2] 3) Summary by Relevant Catalog Market Analysis - The main contract of the Shanghai Futures Exchange fuel oil futures closed down 0.36% during the day session, at 2,491 yuan/ton; the main contract of the INE low-sulfur fuel oil futures closed down 1.31% during the day session, at 3,015 yuan/ton [1] Strategy - High-sulfur fuel oil: Short-term neutral, medium-term bearish [3] - Low-sulfur fuel oil: Short-term neutral, medium-term bearish [3] - Cross-variety: None [3] - Cross-period: None [3] - Spot-futures: None [3] - Options: None [3]

1. Report Industry Investment Rating - No information provided about the industry investment rating in the report. 2. Core Views of the Report - The supply - side shows that in November 2025, the total planned output of asphalt from local refineries is 1.312 million tons, a month - on - month increase of 18.2% and a year - on - year decrease of 6.5%. The capacity utilization rate of domestic petroleum asphalt samples this week is 26.4262%, a month - on - month decrease of 4.37 percentage points. Refineries have reduced production this week, but supply pressure may increase next week. [8] - The demand - side indicates that the current demand is below the historical average level. The heavy - traffic asphalt开工率 is 24.8%, a month - on - month decrease of 0.14 percentage points; the construction asphalt开工率 is 6.6%, remaining flat month - on - month; the modified asphalt开工率 is 10.587%, a month - on - month decrease of 0.63 percentage points; the road - modified asphalt开工率 is 34%, remaining flat month - on - month; the waterproofing membrane开工率 is 34%, a month - on - month increase of 1.00 percentage point. [8] - In terms of cost, the daily asphalt processing profit is - 453.38 yuan/ton, a month - on - month increase of 1.04%. The weekly delayed coking profit of Shandong local refineries is 1086.84 yuan/ton, a month - on - month increase of 18.76%. The asphalt processing loss increases, and the profit difference between asphalt and delayed coking increases. Crude oil is strengthening, and it is expected to provide short - term support. [8] - The basis on November 24 shows that the Shandong spot price is 3030 yuan/ton, and the basis of the 01 contract is - 30 yuan/ton, with the spot at a discount to the futures, which is neutral. [8] - In terms of inventory, the social inventory is 79.4 million tons, a month - on - month decrease of 3.75%; the in - plant inventory is 64.2 million tons, a month - on - month decrease of 0.77%; the port diluted asphalt inventory is 80 million tons, a month - on - month increase of 28.57%. Social and in - plant inventories are continuously decreasing, while port inventory is continuously increasing, which is neutral. [8] - The disk shows that MA20 is downward, and the futures price of the 01 contract closes below MA20, which is bearish. The net short position of the main contract is decreasing, which is also bearish. [8] - Overall, due to the recent production cut by refineries, the supply pressure is reduced. Affected by the off - season, the demand boost is limited, and the overall demand is lower than expected. The inventory remains flat. With the strengthening of crude oil, the cost support is expected to strengthen in the short term. It is predicted that the asphalt 2601 will fluctuate in the range of 3034 - 3086. [8] 3. Summary According to the Directory 3.1 Daily Views - **Fundamentals**: Supply - side production shows changes, and demand is below the historical average. Cost - side profit and crude oil trends are analyzed. [8] - **Basis**: The Shandong spot price and the 01 contract basis on November 24 are presented, with the spot at a discount to the futures. [8] - **Inventory**: Social, in - plant, and port inventories show different trends of de - stocking and stocking. [8] - **Disk**: MA20 is downward, and the 01 contract futures price closes below MA20. The net short position of the main contract is decreasing. [8] - **Expectation**: The asphalt 2601 is expected to fluctuate in the range of 3034 - 3086 in the short term. [8] 3.2 Asphalt Futures Market - Basis Trend - The report presents the historical trends of the Shandong and East China asphalt basis from 2020 to 2025. [18][20] 3.3 Asphalt Futures Market - Spread Analysis - **Main Contract Spread**: The historical trends of the 1 - 6 and 6 - 12 contract spreads of asphalt from 2020 to 2025 are shown. [23] - **Asphalt - Crude Oil Price Trend**: The historical price trends of asphalt, Brent oil, and West Texas oil from 2020 to 2025 are presented. [26] - **Crude Oil Crack Spread**: The historical trends of the asphalt - SC, asphalt - WTI, and asphalt - Brent crude oil crack spreads from 2020 to 2025 are analyzed. [29][30] - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: The historical trends of the asphalt - SC price ratio and asphalt - fuel oil price ratio from 2020 to 2025 are shown. [34] 3.4 Asphalt Spot Market - Market Price Trends in Various Regions - The historical price trend of Shandong heavy - traffic asphalt from 2020 to 2025 is presented. [36] 3.5 Asphalt Fundamental Analysis - **Profit Analysis** - **Asphalt Profit**: The historical trend of asphalt profit from 2019 to 2025 is shown. [39] - **Coking - Asphalt Profit Spread Trend**: The historical trend of the coking - asphalt profit spread from 2020 to 2025 is presented. [43] - **Supply - Side Analysis** - **Shipment Volume**: The historical weekly shipment volume of asphalt small - sample enterprises from 2020 to 2025 is shown. [46] - **Diluted Asphalt Port Inventory**: The historical trend of domestic diluted asphalt port inventory from 2021 to 2025 is presented. [48] - **Output**: The historical weekly and monthly output trends of asphalt from 2019 to 2025 are shown. [51] - **Marey Crude Oil Price and Venezuelan Crude Oil Monthly Output Trend**: The historical trends of Marey crude oil price and Venezuelan crude oil monthly output from 2018 to 2025 are presented. [56] - **Local Refinery Asphalt Output**: The historical trend of local refinery asphalt output from 2019 to 2025 is shown. [58] - **开工率**: The historical weekly asphalt capacity utilization rate from 2021 to 2025 is presented. [61] - **Maintenance Loss Estimation**: The historical trend of maintenance loss estimation from 2018 to 2025 is shown. [64] - **Inventory Analysis** - **Exchange Warehouse Receipts**: The historical trends of exchange warehouse receipts (total, social inventory, and factory inventory) from 2019 to 2025 are presented. [67][68] - **Social Inventory and In - Plant Inventory**: The historical trends of social inventory (70 samples) and in - plant inventory (54 samples) from 2022 to 2025 are shown. [71] - **In - Plant Inventory Inventory Ratio**: The historical trend of the in - plant inventory inventory ratio from 2018 to 2025 is presented. [74] - **Import and Export Situation** - The historical trends of asphalt export and import from 2019 to 2025 are shown, as well as the historical trend of the South Korean asphalt import price difference from 2020 to 2025. [77][80] - **Demand - Side Analysis** - **Petroleum Coke Output**: The historical trend of petroleum coke output from 2019 to 2025 is shown. [83] - **Apparent Consumption**: The historical trend of asphalt apparent consumption from 2019 to 2025 is presented. [86] - **Downstream Demand** - **Transportation Fixed - Asset Investment in Highway Construction**: The historical trend from 2020 to 2025 is shown. [89] - **New Local Special Bond Trend**: The historical trend from 2019 to 2025 is presented. [90] - **Infrastructure Investment Completion Year - on - Year**: The historical trend from 2020 to 2024 is shown. [90] - **Downstream Machinery Demand**: The historical trends of asphalt concrete paver sales, excavator monthly working hours, domestic excavator sales, and road roller sales are presented. [93][95] - **Asphalt开工率** - **Heavy - Traffic Asphalt开工率**: The historical trend from 2019 to 2025 is shown. [98] - **Asphalt开工率 by Use**: The historical trends of construction asphalt开工率 and modified asphalt开工率 from 2019 to 2025 are presented. [100] - **Downstream开工情况**: The historical trends of shoe - material SBS - modified asphalt开工率, road - modified asphalt开工率, and waterproofing membrane modified asphalt开工率 from 2019 to 2025 are shown. [102][104] - **Supply - Demand Balance Sheet**: The monthly asphalt supply - demand balance sheets from January to November 2025 are presented, including downstream demand, port inventory, factory inventory, social inventory, export, import, and output. [107]

Group 1: Market Indices - The chemical sector indices experienced significant declines, with the chemical raw materials index down 8.61%, chemical machinery index down 7.11%, pharmaceutical index down 6.63%, and pesticide and fertilizer index down 5.94% [1] - In contrast, the oil sector indices showed mixed results, with the oil processing index up 1.4% and the oil extraction index up 0.67%, while the oil trade index fell by 4.96% [1] Group 2: Oil Prices - The sentiment in the crude oil market turned bearish due to the Trump administration urging Ukraine and Russia to reach a peace agreement, alongside a strengthening US dollar, leading to a decline in oil prices [1] - As of November 21, the settlement price for West Texas Intermediate (WTI) crude oil futures was $58.06 per barrel, down 3.38% from November 14, while Brent crude oil futures settled at $62.56 per barrel, down 2.84% [1] Group 3: Chemical Products - The top five rising petrochemical products included industrial-grade lithium carbonate up 13.67%, dimethyl carbonate up 12.32%, lithium battery electrolyte up 8%, sulfur up 7.54%, and folic acid up 6.25% [2] - Conversely, the top five declining petrochemical products were liquid chlorine down 6.25%, diethylene glycol down 5.35%, isooctyl acrylate down 5.13%, PVC by ethylene method down 3.49%, and tetrachloroethylene down 3.49% [2] Group 4: Stock Performance - In the capital market, the top five gaining listed chemical companies were Guofeng Plastics up 33.33%, Huarong Chemical up 27.82%, Tongyi Co. up 16.51%, Chenguang New Materials up 16.37%, and Tongcheng New Materials up 14.75% [2] - The top five declining listed chemical companies included Annada down 26.13%, Taihe Technology down 25.64%, Jiaao Enpro down 25.62%, Jianye Co. down 24.85%, and Sanfangxiang down 23.33% [2]

近期国际市场油价波动运行，根据11月24日的前10个工作日平均价格与上次调价前10个工作日平均价格对 比情况，按照现行成品油价格机制，自11月24日24时起，国内汽、柴油价格（标准品，下同）每吨分别降 低70元和65元。调整后，各省（区、市）和中心城市汽、柴油最高零售价格见附表。 附：各省区市和中心城市汽、柴油最高零售价格 单位:元/吨 | | 汽油(标准品) | 柴油(标准品) | | --- | --- | --- | | 、实行一省一价的地区 | | | | 北京市 | 8575 | 7585 | | 天津市 | 8540 | 7550 | | 河北省 | 8540 | 7550 | | 山西省 | 8610 | 7605 | | 辽宁省 | 8540 | 7550 | | 吉林省 | 8540 | 7550 | | 黑龙江省 | 8540 | 7550 | | 上海市 | 8555 | 7555 | | 江苏省 | 8595 | 7590 | | 浙江省 | 8595 | 7605 | | 安徽省 | 8590 | 7600 | | 福建省 | 8612 | 7615 | | 江西省 | 8રુજર ...

2025年11月24日国内成品油价格按机制调整 近期国际市场油价波动运行，根据11月24日的前10个工作日平均价格与上次调价前10个工作日平均价格对比 情况，按照现行成品油价格机制，自11月24日24时起，国内汽、柴油价格（标准品，下同）每吨分别降低70元和 65元。调整后，各省（区、市）和中心城市汽、柴油最高零售价格见附表。 中石油、中石化、中海油三大公司及其他原油加工企业要组织好成品油生产和调运，确保市场稳定供应，严 格执行国家价格政策。各地相关部门要加大市场监督检查力度，严厉查处不执行国家价格政策的行为，维护正常 市场秩序。消费者可通过12315平台举报价格违法行为。 附：各省区市和中心城市汽、柴油最高零售价格 | | | 早位: 元/吨 | | --- | --- | --- | | | 汽油(标准品) | 柴油(标准品) | | 、实行一省一价的地区 | | | | 北京市 | 8575 | 7585 | | 天津市 | 8540 | 7550 | | 河北省 | 8540 | 7550 | | 山西省 | 8610 | 7605 | | 辽宁省 | 8540 | 7550 | | 吉林省 | 85 ...

2025年11月24日国内成品油价格按机制调整 近期国际市场油价波动运行，根据11月24日的前10个工作日平均价格与上次调价前10个工作日平均价格对比情况，按照现行成品油价格机制，自11月24日 24时起，国内汽、柴油价格（标准品，下同）每吨分别降低70元和65元。调整后，各省（区、市）和中心城市汽、柴油最高零售价格见附表。 中石油、中石化、中海油三大公司及其他原油加工企业要组织好成品油生产和调运，确保市场稳定供应，严格执行国家价格政策。各地相关部门要加大市 场监督检查力度，严厉查处不执行国家价格政策的行为，维护正常市场秩序。消费者可通过12315平台举报价格违法行为。 附：各省区市和中心城市汽、柴油最高零售价格 | 各省区市和中心城市汽、柴油最高零售价格 | | --- | | | | 单位:元/吨 | | --- | --- | --- | | | 汽油(标准品) | 柴油(标准品) | | 实行一省一价的地区 | | | | 北京市 | 8575 | 7585 | | 天津市 | 8540 | 7550 | | 河北省 | 8540 | 7550 | | 山西省 | 8610 | 7605 | | 辽宁 ...

新华财经北京11月24日电国家发展改革委发布消息，近期国际市场油价波动运行，根据11月24日的前10 个工作日平均价格与上次调价前10个工作日平均价格对比情况，按照现行成品油价格机制，自11月24日 24时起，国内汽、柴油价格（标准品，下同）每吨分别降低70元和65元。调整后，各省（区、市）和中 心城市汽、柴油最高零售价格见附表。 中石油、中石化、中海油三大公司及其他原油加工企业要组织好成品油生产和调运，确保市场稳定供 应，严格执行国家价格政策。各地相关部门要加大市场监督检查力度，严厉查处不执行国家价格政策的 行为，维护正常市场秩序。消费者可通过12315平台举报价格违法行为。 | | | 单位:元/吨 | | --- | --- | --- | | | 汽油(标准品) | 柴油(标准品) | | - 实行一省一价的地区 | | | | 北京市 | 8575 | 7585 | | 天津市 | 8540 | 7550 | | 河北省 | 8540 | 7550 | | 山西省 | 8610 | 7605 | | 辽宁省 | 8540 | 7550 | | 吉林省 | 8540 | 7550 | | 黑龙江省 | ...

Investment Rating - The report maintains a recommendation for the organic silicon industry, highlighting its potential benefits from the chemical sector's internal competition [4]. Core Viewpoints - The chemical sector experienced a decline of 7.47% in the third week of November, underperforming the Shanghai Composite Index by 3.58 percentage points [13]. - The only sub-industry that saw an increase was petroleum processing, which rose by 2.64%, while 31 sub-industries declined, with the largest drop in acrylic fiber at -15.33% [17]. - Key products with significant price increases included dimethyl carbonate (+12.32%) and thionyl chloride (+11.39%), while liquid chlorine saw the largest decrease at -6.25% [22][3]. - The report suggests focusing on leading companies that benefit from the chemical sector's internal competition, such as Xin'an Chemical, Xingfa Group, and Baofeng Energy [4]. Industry Performance - The chemical sector's dynamic PE ratio stands at 23.78, significantly higher than the average PE of 5.33 since 2015 [13]. - The total number of stocks in the industry is 446, with a total market value of 7114.2 billion and a circulating market value of 6648.5 billion [5]. Price and Spread Trends - The report lists the top five products with the highest price increases and decreases, indicating significant volatility in the market [22][3]. - The price spread for propylene (methanol-based) increased by 296.55%, while the PTA spread decreased by 157.04% [42][46]. Inventory Changes - Notable inventory changes include a decrease in stocks of chlorpyrifos (-12.5%) and propylene oxide (-11.83%), while polyester filament saw an increase of 10.21% [66].